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And GBTC got a very deep and clearly corrective structure of the top made by wave [ A ] up at 17.40 on 26 June 2019 We can see a clean Double Three corrective pattern labelled as (w)-(x)-(y). At this point GBTC should be in the final micro wave v down of bigger wave ( c ) of ( y ) of [ B ] down But for completion of that Double Three structure I would like GBTC to go lower. Let me show you why. First we focus on retracement levels to the whole rally in wave [ A ] up: so far price has tagged 66.7% (that means price erased 2/3 of the gain made in 2019 ). However, more significant levels are 76.4% ( 6.92 ) and 85.4% ( 5.68 ). The second important tool of forecasting is extensions of subwave ( a ) of ( y ): 176.4% = 6.81, 200% = 5.61. Finally, that subwave ( c ) of wave ( y ) of [ B } has to have five internal micro waves. The wave wave v down has to make a new lower low under the low made by wave iii down at 8.35. In conclusion, I do not see any good long setup at this level.

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GBTC - I am ready to buy under $7.00

In the first half of 2019 Bitcoin played a very nice Five Wave Up fractal. I counted that rally as a wave [ A ] up off a major low made by GBTC at 3.66 in Feb 2019 If GBTC is playing a corrective structure off that low after [ A ] up we should get a large [ B ] down (scroll below please ).

GBTC - 120 min chart updated on 11-26-2019

And GBTC got a very deep and clearly corrective structure of the top made by wave [ A ] up at 17.40 on 26 June 2019 We can see a clean Double Three corrective pattern labelled as (w)-(x)-(y). At this point GBTC should be in the final micro wave v down of bigger wave ( c ) of ( y ) of [ B ] down But for completion of that Double Three structure I would like GBTC to go lower. Let me show you why. First we focus on retracement levels to the whole rally in wave [ A ] up: so far price has tagged 66.7% (that means price erased 2/3 of the gain made in 2019 ). However, more significant levels are 76.4% ( 6.92 ) and 85.4% ( 5.68 ). The second important tool of forecasting is extensions of subwave ( a ) of ( y ): 176.4% = 6.81, 200% = 5.61. Finally, that subwave ( c ) of wave ( y ) of [ B } has to have five internal micro waves. The wave wave v down has to make a new lower low under the low made by wave iii down at 8.35. In conclusion, I do not see any good long setup at this level.

GBTC - 120 min chart updated on 11-26-2019

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